Company name DouYu International Holdings Limited
Stock symbol DOYU
Status Class Action Complaint Filed

NEW YORK, April 1, 2020 – Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of investors that purchased DouYu International Holdings Limited (NASDAQ: DOYU) securities pursuant and/or traceable to DouYu’s July 16, 2019 initial public offering (the “IPO” or “Offering”). Investors have until May 26, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

In its July 2019 IPO, DouYu sold about 67.4 million shares of stock at $11.50 per share, raising $774,951,765 in new capital. However, since the IPO, DouYu’s stock price has plunged. On the date that this action was filed, DouYu shares closed at $6.69 per share.

The complaint, filed on March 24, 2020, alleges that  DouYu’s Offering Documents were materially inaccurate, misleading, and/or incomplete because they failed to disclose that: (1) DouYu’s risks related to its top streamers had materialized, including that: (a) a top streamer was actively misrepresenting herself on DouYu’s platform; and (b) the costs associated with retaining top streamers was swelling; (2) DouYu did not ensure that all of its products were fully compliant with current regulatory requirements before those products became available on line; and (3) key interactive features of DouYu’s “lucky draw” were noncompliant with current regulatory requirements, requiring DouYu to remove them from operations, which negatively impacted user engagement activity and caused disappointing financial results.

If you purchased or otherwise acquired DouYu shares pursuant and/or traceable to the IPO, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact  Melissa Fortunato or Marion Passmore or by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.

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Call to provide more information: Tel: (212) 355-4648

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The submission of this form does not create an attorney-client relationship, nor any obligation on the part of Bragar Eagel & Squire, P.C., or you to file a legal action. Any information you submit will be maintained as confidential. If Bragar Eagel & Squire, P.C., in its sole discretion, believes that you might be an appropriate class representative, Bragar Eagel & Squire, P.C., will contact you to discuss the matter and to determine whether to establish an attorney client relationship.

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